11 Comments

  1. TheDude | | Reply

    As a 30 year old who has lived in Australia all my life and had a bank card for almost the last 10, I never knew the difference until now. Thanks!

    • Mark | | Reply

      Glad to help :)

  2. Matt Tansey | | Reply

    One other think to consider when deciding which button to press is the additional cover you get for your purchases if you press ‘credit’. If it is a high value item I would suggest pressing ‘credit’ as by doing so you are effectively registering your purchase and are then covered for 3 months of purchase protection insurance. This is the case with my NAB card so I presume other banks’ debit cards work in the same way.

    • Mark | | Reply

      Good point Matt, thanks for sharing :)

  3. Christine | | Reply

    Can someone explain what the difference is between the Cheque and Savings buttons? From the article, it would appear that they do the same thing. Is there any reason I would press ‘Chq’ instead of ‘Sav’ or vice versa?
    Thanks for your help and for this helpful article.

    • Mark | | Reply

      Hi Christine, you can have two accounts ‘linked’ on the same card so if you press savings the cash comes from your savings account, select ‘Chq’ and it comes out of your “Chq’ account. :)

  4. Yannick | | Reply

    Thanks a lot from a French Expat looking for answers too !

  5. Josh | | Reply

    Thank you!! Just what I was looking for!

  6. mabellina | | Reply

    Hi there, this is a great article! At work, I always get asked what the difference is between cheque and savings and I’ve always been stumped. However, I will correct you with one thing: I always choose “savings” when making purchases and I am still able to get “cash out” at retailers. Hope that helps!

    • Mark | | Reply

      Thanks Mabellina, your absolutely correct. It works with both Cheque or Savings (just not credit). I’ll update the article to reflect this :)

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